Wachovia targets Asia with boutique acquisition

Evergreen Investments, a fixed-income specialist unit of US financial services giant Wachovia, has taken a majority stake in privately-held specialist bond fund manager European Capital Management (ECM) to establish its first presence in the Asia-Pacific region. ECM, which markets in Japan, Singapore, Australia and Korea and has around $4 billion in assets under management across these markets, plans to leverage the takeover to expand its product range and establish foothold in the Am…